Following the duke's death, the younger Richard married the widowed duchess, Jacquetta of Luxembourg (1416–1472). This was initially a secret marriage, for which the couple were fined when it came to public notice.

He was a captain in 1429, served in France in 1433 and was a knight of the regent Duke of Bedford in 1435. He was at Gerberoy in 1435 and served under William de la Pole, Duke of Suffolk, in 1435–6. He then fought under Somerset and Shrewsbury in 1439 and the Duke of York in 1441–2, when he was made captain of Alençon and knight banneret. He was appointed seneschal of Gascony in 1450 (but failed to reach it before its fall), lieutenant of Calais in 1454–5, and to defend Kent against invasion by the Yorkist earls in 1459–60 (but was captured at Sandwich). He was created Baron Rivers by Henry VI on 9 May 1448. Two years later, as Sir Richard, he was invested as a Knight of the Garter in 1450. He was appointed Warden of the Cinque Ports in 1459.

The power of this new family was very distasteful to the old baronial party, and especially so to the Earl of Warwick. Rivers was regarded as a social upstart, and in an ironical episode, his future son-in-law in 1459, while accepting his submission, had rebuked him for daring, given his lowly birth, to fight against the House of York. The Privy Council, in its horrified response to the King's marriage, said bluntly that her father's low social standing in itself meant that the King must surely know "that Elizabeth was not the wife for him". Early in 1468, the Rivers estates were plundered by Warwick's partisans, and the open war of the following year was aimed at destroying the Woodvilles. After the Yorkist defeat at the Battle of Edgecote Moor on 26 July 1469, Rivers and his second son John were taken prisoners at Chepstow. Following a hasty show trial, they were beheaded at Kenilworth on 12 August 1469. His eldest son Anthony succeeded him in the earldom.

Robert Glover, Somerset Herald, noted another 'Richard' who would seem to have been born before Richard the 3rd Earl.[6] It should also be noted that a 'Richard Woodville, esquire for the body' was present at the christening of Prince Arthur (son of Elizabeth and Henry VII) on 24 September 1486 in Winchester Cathedral; Arthur's grandmother, Elizabeth Woodville, served as his Godmother, and her younger brother Edward was also present at the ceremony.

The Visitation of Buckinghamshire of 1566 mentions the marriage of William Dormer of Wycombe (only later of Ascott House) to "Agnes, da. of Sir Richard Woodvyle, Erle Ryvers" but does not say whether the father was the first or the third earl, who the mother was or whether Agnes was legitimate.